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President’s MessageIt is my privilege and honour to represent Cando and I would like to thank formerpresidents Kevin Rose, Norma Spence and Paul Donald for all the hard work anddedication to this incredible organization.

As an Indigenous organization working on economic development for ourcommunities from coast to coast to coast we are poised on the wave ofunprecedented economic development in our communities that are working hard toput the Indian Act behind us in our own terms. It was only a couple of generationsago that we shut down the Kamloops Indian Residential School and took over theeducation of our own children in 1975. That was a watershed year for our people inBC as we took over services of Indian and Northern Affairs Canada across BC. Weassumed control over our own programs and services to our membership and sobegan the devolution process to take on more responsibility to deliver services toour people.

We have come a long ways since then and as we see more and more of our peoplegraduating from high school and post-secondary institutions (a lot of them are ourown as well) we assume our rightful place in Canadian society proud of our culturebut armed with modern tools to help us provide for our families.

The following list is just some of the work we have done on behalf of themembership over the past year:

• Participated in EDAC’s Day on the Hill in April 2016

• Phase II of the CEDI project - new partnerships selected

• Signed Youth Mentorship MOU with CESO

• Continued with LEDAC meetings

• Youth Summit Advisory Committee - first meeting in August in Edmonton

• 23rd Annual National Conference & AGM in October, Whitehorse, YT

• Alberta Links to Learning in October in Edmonton

• 4th annual Links to Learning Symposium, December, Vancouver

• Co-hosted Saskatchewan Links to Learning Conference in Saskatoon inMarch 2017

I look forward to the coming year and I am grateful for working with a professionalstaff at Cando and a dedicated, professional board of directors. I am also grateful tohave the partnerships with Canada and our partners INAC and Natural ResourcesCanada who have been working with us on helping us deliver our message to ourcommunities across Canada.

Keith MatthewPresident

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2016 NIEEF Scholarship Recipients

Kluane Adamek,Kluane First Nation, YTSimon Fraser University, MBA, AboriginalBusiness & Leadership

Natasha Brooks,Cowichan Tribes, BCVancouver Island University, Masters ofBusiness Administration / Master of Science inInternational Management

Quinn Meawasige,

Serpent River First Nation, ON

Algoma University, Community Economic and

Social Development

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Cando’s Aboriginal Economic DeveloperCertification Process

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Professional Aboriginal Economic Developer (PAED)Certification Graduates

Keith Collier, NU

Kristen Johnny, BC

Cando has certified 391 Aboriginal EDOs across the country. The Cando AboriginalEconomic Developer Process certifies Aboriginal Economic Development Officers (EDOs)and other professionals working in the field of economic development. Each year Candostrives to certify both the Technician (TAED) and Professional (PAED) Level of AboriginalEconomic Developers. Upon enrollment, Cando assesses each individual and providesdirection and advice.

Applicants in the process may earn certification by various routes. Many are registered inone of Cando’s accredited institutions across the country and are simultaneously workingtowards a certificate of study and their TAED Level Certification. Candidates are requiredto demonstrate competency in 11 core competency areas. Some certification candidateswork full-time and find it more convenient to study part-time. Candidates are also creditedthrough Cando Competency Assessment and each candidate is assessed individually.

The 11 competencies include areas such as: Aboriginal Law and Policies, Organizationaland Financial Management, Governance and Leadership, Economics, SustainableEnvironment and Land Stewardship, Lands and Resource Management, ProjectManagement, Community Planning and Development, Community-based AboriginalEconomic Development, Contemporary Aboriginal Economic Development, and AboriginalBusiness Development and Entrepreneurship

The PAED Certification process will see some changes as well. The PAED Certification isa professional certification and therefore Cando is making necessary adjustments to haveour certified candidates maintain this status and be recognized as such.

On Thursday October 6, 2016, Cando held a recognition ceremony for 10 TechnicianAboriginal Economic Developer (TAED) and 2 Professional Aboriginal Economic Developer(PAED) certificate graduates.

Technician Aboriginal Economic Developer (TAED)Certification Graduates

Christina-Ann Angootealuk, NU

Farah Ayaad, ON

Morgan Bamford, AB

Maani Brown, NU

Deanna Heyde, ON

Selina Hunt, ON

Katrina Kablutsiak, NU

Lucy Martin, BC

Delilah Nester, NU

Kristal Strawbridge, ON

Graduates of the Cando Certification Process work in a variety of positions related toAboriginal Economic Development including: administration, economic development,accounting, finance, small business, and management.

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2016 Economic Developer of the Year Awards

2016 ED of the Year Award Winners

2016 ED of the Year Award Recognition Recipients

Richard Sidney, YT

Individual EDO Category

Tlicho Government, NT

Community Category

Denendeh Helicopters, NT

Aboriginal Private Sector Business Category

Rob Crow, ABIndividual EDO Category

Teslin Tlingit Council& Village of Teslin, YTCommunity Category

Birch Mountain Enterprises Ltd., ABAboriginal Private Sector Business Category

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2016 Special ProjectsLEDAC Meetings

The Q1 meeting was held on June 13 & 14, 2016 at theCourtyard Downtown Marriott. There were 18 participantsthat attended the meeting. The Q2 meeting was held onSept. 14 & 15, 2016 at the River Cree Marriott in Enoch,

AB. There were 16 participants at the meeting. The Q3 meeting was held on Dec. 7 & 8, 2016at the River Cree Marriott in Enoch, AB with 16 participants. The Q4 meeting was held on Feb.22 & 23, 2017 at the Delta Edmonton South, Edmonton, AB with 15 participants at the meeting.

Cando attends and develops meeting summary notes, assists with quarterly newsletters,booking the venue and catering, accommodations and travel for members. As well as followingup with action items which may include incorporating suggestions to the LEDAC website.

Saskatchewan Links to Learning March 2017

Cando organized the first Saskatchewan Links to LearningConference from March 28-30, 2017. The delegates invitedconsisted of Land Managers, Economic DevelopmentOfficers from each First Nation in Saskatchewan. Therewere INAC representatives along with other businessrepresentatives that spoke on plenary sessions. There

were networking opportunities for delegates, such as tradeshow and artisan exhibit and anetworking mixer. The event was held at the Radisson Hotel in Saskatoon, SK with the themeof “Collaborating for Success” and was indeed a successful event.

With the success of the first Saskatchewan Links to Learning Conference, INAC SaskatchewanRegion asked Cando to coordinate the second Saskatchewan Links to Learning Conferencein fall 2017.

Alberta Links to Learning October 2016

INAC Alberta Region approached Cando to develop and host the AlbertaLinks to Learning event. The delegates consist of Land Managers,Economic Development Officers from each First Nation in Alberta. Otherattendees consist of INAC and Government of Alberta Aboriginal RelationsDepartment Representatives, along with other business representativesto offer plenary sessions or support towards the event. The first AlbertaLinks to Learning event was held at the River Cree Marriott in Enoch, ABin October 2016. There were networking opportunities for delegates, suchas tradeshow and artisan exhibit. The workshops offered are based on

needs assessment surveys submitted by Land Managers and EDOs from their respectivecommunities. The event was a success with a great turn out of First Nation attendees andpositive feedback. A proposal has been submitted for another Alberta Links to Learning eventto be held in fall of 2017.

Links to Learning 2016

The 4th annual Links to Learning Symposium was held on December 13-15, 2016 at the Westin Bayshore in Vancouver, BC. The event wasplanned and implemented with the direction of a Steering Committeeconsisting of representatives from Cando, National Aboriginal LandsManagers Association (NALMA) and Indigenous and Northern AffairsCanada (INAC). Funding support for the event was provided byIndigenous and Northern Affairs Canada.

The event brought 122 First Nation communities and organizations together to share knowledgeand access courses for community development. It offered a range of learning opportunitiesfor First Nations EDOs and Land Managers including technical training workshops, accreditedlearning courses as well as individualized training and one-to-one meetings. It also includedplenary presentations, an evening networking reception and a tradeshow of sponsors andartisans.

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2016 First Nations - Municipal CEDI ProgramCEDI Background

Community Economic Development Initiative (CEDI) is a jointinitiative of Cando and the Federation of Canadian Municipalities(FCM), funded by Indigenous Affairs and Northern DevelopmentCanada (AANDC), that enhances the capacity of adjacent FirstNations and municipalities to undertake community-to-community relationship-building and joint community economicdevelopment projects and planning.

• Phase 2 began in the Summer of 2016.

• CEDI has started phase 2 with Cycle I consisting of four partnerships of First Nations and adjacent municipalities across Canada:

• City of Edmonton; Enoch Cree Nation, AB

• Battleford Agency Tribal Chiefs; City of North Battleford, SK

• City of Thunder Bay; Fort William First Nation; ON

• Paqtnkek Mi’kmaq First Nation; County of Antigonish, NS

• Cycle II will begin in Summer of 2017, and Cycle III in Summer of 2018.

CEDI developed a toolkit for joint First Nation - municipal CED based on the experience ofthe six participating communities. The toolkit was released in late September of 2015 and canbe found at http://www.fcm.ca/ceditoolkit

Why Joint First Nations - Municipal Collaboration

Falling under different jurisdiction (federal/provincial) neighbouring First Nations andmunicipalities have rarely had venues to work together and dialogue. CEDI helps build thenew capacity for these conversations to happen. CEDI’s unique value proposition is that itbuilds the capacity for this work to happen jointly, which is a new process for almost allcommunities.

Benefits to collaborating First Nations and municipalities can be many. They can include:

• More efficient use of limited local resources,

• A stronger voice with other levels of government and industry,

• A more attractive climate for investors and tourism,

• Enhanced community-to-community relationships,

• The creation of economies of scale and

• An opportunity to draw on the unique capacities of each community (funding, staff, physical resources, etc.).

Work with Communities

CEDI will continue to support its pilotcommunities. As it is currently in the finalyear of its pilot phase, direct supports forthe community partnerships will not beavailable; however, there will beopportunities for the phase I communitiesto be able to mentor and learn the incomingphase II communities.

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In 1990, Economic DevelopmentOfficers (EDOs) from across Canadafounded the Council for theAdvancement of NativeDevelopment Officers (Cando). Thefounders set out Cando’s mandate,which is to provide them with thetraining, education and networkingopportunities necessary to servetheir communities and/ororganizations as professionals.

Cando is Indigenous-controlled,community-based and membershipdriven, and is directed by a nationalregionally represented volunteerboard of elected EDOs representingeach region of Canada. As afederally registered, non-profitsociety, Cando has beeninstrumental in facilitatingpartnerships with EDOs, academics,Indigenous leaders and seniorcorporate and governmentrepresentatives.

Cando Board and Cando & Federation of Canadian Municipalities (FCM) Staff members

Meet the TeamServing as a member of anycommittee takes commitment,wisdom, and vision. We wouldlike to recognize our Board &Committees’ members whocontinue to make an enormouscontribution to Cando’s growthand development. The generousdonation of their time, energy,and vision has made Candostronger and closer to achievingits vision of “building capacity tostrengthen Aboriginaleconomies”.

The Executive

Keith Matthew(elected to the Board in October2014, elected as President inNovember 2017)President & Director - SouthernBritish ColumbiaCFDC of Central Interior First NationsKamloops, BC

Norma Spence(elected to the Board in July 2011,elected as Vice President inNovember 2017)Vice President & Director - ManitobaIndigenous Liaison Officer, ManitobaHydroWinnipeg, MB

Elaine Chambers(elected to the Board in April 2016,elected as Secretary Treasurer inNovember 2017)Secretary Treasurer & Director -YukonGeneral Manager, dana NayeVenturesWhitehorse, YT

Ray WanuchCando Executive DirectorEdmonton, AB

The Board

John Hazenberg(elected August 2014)Director - Northwest TerritoriesEconomic Development, TlichoCommunity Government of BehchokoBehchoko, NT

Ruby Littlechild(elected December 2015)National Student DirectorMBA Student, Cape Breton University

Shawna Morning Bull(elected November 2013)Director - AlbertaManager-Business Development,Community Futures Treaty SevenCalgary, AB

Hal Timar(elected January 2015)Director - NunavutExecutive Director, NunavutEconomic Developers AssociationIqaluit, NU

Helen Ward-Wakelin(elected November 2011)Director - New Brunswick & PrinceEdward IslandEDO, Eel Ground First NationEel Ground, NB

Trevor C. Acoose(elected October 2016)Director - SaskatchewanDirector of Economic Development,Cowessess First NationCowessess, SK

Bertram Mercer(elected October 2016)Director - Northern British ColumbiaManager - Economic Development,Nisga’a Lisims GovernmentNew Aiyansh, BC

Tracy Menge(elected March 2017)Director - Nova Scotia /Newfoundland & LabradorDirector of CED, Eskasoni FirstNationEskasoni, NS

Angel Ward(elected March 2017)Director - QuebecDirector of Economic Development,Micmacs of GesgapegiagGesgapegiag, QC

Ed Collins(elected March 2017)Director - OntarioManager of Economic Development,Fort William First NationFort William FN, ON

Reaching Within

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Reaching Within

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Cando 2016 ConferenceCommittee (Standing) & YukonRegional Working Group

Debra Alivisatos

Ben Asquith

Melvina Aubichon

Elaine Chambers

Michelle Dawson-Beattie

Albert Drapeau

Eileen Duchesne

Blair Hogan

Tammy Houle

Katie Johnson

Svitlana Konoval

Karen Lepine

Ruby Littlechild

Keith Matthew

Donna Moore

Corey Riemer

Shawna Smith

Caili Steel

Hal Timar

Ray Wanuch

Cando Staff

Ray WanuchExecutive Director

Megan ArcandResearch Assistant - SummerStudent

Tammy HouleNational Conference Assistant -Summer Student

Svitlana KonovalManager, AdministrativeServices

Quintine KootenayWestern Region ManagerFirst Nations - MunicipalCommunity EconomicDevelopment Initiative

Danielle LightningSpecial Projects Officer

Breezy LockeAdministrative &Communications Assistant

Aaron SamuelCertification Coordinator

Jessica BarryFinance Officer

Cando said goodbye toRenee Price, FundraisingSpecialist and would like torecognize the contributionsshe made to our growth anddevelopment. Best of luck inyour future endeavours!

Standing Committee on Education& Research (Standing)

Debra Alivisatos

Stephen Ameyaw

Dr. Verna Billy-Minnabarriet

Geri Collins

Ann Denny

Bonnie Gaikezheyongai

Borys Kruk

Warren Weir

Melvina Aubichon

John Hazenberg

PLA Sub-Committee (Standing,Sub-Committee)

Stephen Ameyaw

Melvina Aubichon

Dr. Verna Billy-Minnabarriet

Geri Collins

Ann Denny

Christine Wihak

Thank You

Kevin Rose(elected January 2013, term endedOctober 2016)Director - Ontario

Paulette Flamond(elected September 2010, termended October 2016)Director - Northern British Columbia

Melvina Aubichon(elected September 2010, termended October 2016)Director - Saskatchewan

Certification Sub-Committee(Standing, Sub-Committee)

Stephen Ameyaw

Louis Joe Bernard

Dr. Verna Billy-Minnabarriet

Sacha LaBillois

Professional Development Sub-Committee (Standing, Sub-Committee)

Stephen Ameyaw

Dr. Verna Billy-Minnabarriet

Lisa Francis

Norma Spence

Journal Committee (Standing)

Dr. Verna Billy-Minnabarriet

David Newhouse

Dr. Robert Oppenheimer

Dr. Frank Tough

Warren Weir

Dr. Fred Wien

Dr. Wanda Wuttunee

Harry Bosum(elected March 2015, seat vacatedSeptember 2016)Director - Quebec

Rose Julian(elected March 2015, seat vacatedSeptember 2016)Director - Nova Scotia /Newfoundland & Labrador

Cando would like to thank the following Board members whose termscame to an end, for their dedication & commitment:

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Thank You

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Independent Auditors’ Report

To the Members of Council for Advancement of Native Development Officers(CANDO)

We have audited the accompanying financial statements of the Council forAdvancement of Native Development Officers (CANDO), which comprise thestatement of financial position as at March 31, 2017, and the statements ofoperations, changes in fund balances and cash flows for the year then ended,and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of thesefinancial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determinesis necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements basedon our audit. We conducted our audit in accordance with Canadian generallyaccepted auditing standards. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selecteddepend on the auditors’ judgment, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In makingthose risk assessments, the auditors consider internal control relevant to theorganization’s preparation and fair presentation of the financial statements inorder to design audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of theorganization’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accountingestimates made by management, as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, thefinancial position of Council for the Advancement of Native Development Officers(CANDO) as at March 31, 2017, and the results of its operations and its cashflows for the year then ended in accordance with Canadian accounting standardsfor not-for-profit organizations.

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The management of the Council for the Advancement of NativeDevelopment Officers (CANDO) is responsible for preparing thefinancial statements, the notes to the financial statements andother financial information contained in this annual report.

Management prepares the financial statements in accordancewith Canadian accounting standards for not-for-profitorganizations. The financial statements are considered bymanagement to present fairly the management’s financial positionand results of operations.

The organization, in fulfilling its responsibilities, has developedand maintains a system of internal accounting controls designedto provide reasonable assurance that management assets aresafeguarded from loss or unauthorized use, and that the recordsare reliable for preparing the financial statements.

The financial statements have been reported on by Crow MacKayLLP, Chartered Professional Accountants, the auditors forCANDO. Their report outlines the scope of their examination andtheir opinion on the financial statements.

Management Responsibility Statement

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Statement of Operations

For the year ended March 31,

RevenuesIndigenous and Northern Affairs Canada (INAC)Administration costs recoveredConference registration and eventsCertification feesCourse deliveryCorporate sponsorshipFederation of Canadian MunicipalitiesGuidebook and journal salesMembershipsTraining revenueDeferred revenue related to capital assetsINAC - funding returned to provider

ExpendituresAdvertising and promotionAmortizationAwards and giftsBad debtsCommunicationsConference (facility, rental, meals)Consulting feesDonation - NIEEFEquipment rentalInterest and bank chargesMeeting facilitiesMinor machinery and equipmentOffice and administrationOverhead (note 13)Professional feesRegional sessions and training workshopsTelephone and utilitiesTravelWages and benefitsWebinar developmentYouth panel

Excess of revenues over expenditures before other items

Other income (expenses)Debt forgivenessWritedown of investments

Excess (deficiency) of revenues over expenditures

2017 2016

$ 1,271,479 $ 1,047,47785,630 317,63885,005 107,050 349 9,422 6,132 7,012

163,166 178,613 175,433 156,860

2,340 1,93330,285 33,50065,194 4,340 (805) 8,643

(61,954) -

1,822,254 1,872,488

33,928 21,789 8,410 13,800 31,420 27,319 3,080 12,160 19,200 13,790263,201 211,383 44,520 153,157 15,000 15,000 4,022 7,788 4,079 3,290150,716 122,488 18,056 23,136 13,084 19,789173,838 176,032 38,066 47,027 8,921 27,356 2,894 2,634439,373 366,613513,613 548,880 - 20,500 10,098 6,943

1,795,519 1,840,874

26,735 31,614

- (42,989) - (34,951) - (77,940)

$ 26,735 $ (46,326)

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Statement of Changes in Fund Balances

For the year ended March 31, 2017

Balance, beginning of yearExcess of revenues over expendituresDeferred revenue related to capital assetsPurchase of capital assetsAmortization of capital assetsBalance, end of year

Balance, beginning of yearDeficiency of revenues over expendituresDeferred revenue related to capital assetsAmortization of capital assetsBalance, end of year

Total

$ 491,38626,735

---

$ 518,121

Total

$ 537,712(46,326)

--

$ 491,386

OperatingFund

$ 485,70226,735

805(8,626)

8,410$ 513,026

OperatingFund

$ 526,871(46,326)

(8,643)13,800

$ 485,702

Capital AssetFund

$ 5,684-

(805)8,626

(8,410)$ 5,095

2016Capital Asset

Fund

$ 10,841-

8,643(13,800)

$5,684

2017

Statement of Cash Flows

For the year ended March 31Cash provided by (used for)Operating activitiesExcess (deficiency) of revenues over expendituresItems not affecting cashAmortizationWritedown of investmentsLoan forgiveness

Change in non-cash working capital itemsAccounts receivableInventoryPrepaid expensesAccounts payable and accrued liabilitiesUnearned revenue

Financing activityDeferred contributions related to capital assets

Investing activitiesPurchase of investment in subsidiaryAdvances from related partyPurchase of equipment

Increase (decrease) in cashCash, beginning of yearCash, end of year

2017 2016

$ 26,735 $ (46,326)

8,410 13,800 - 34,951 - 42,989 35,145 45,414

(87,792) (83,975) 6,000 -

3,541 7,456 177,863 (25,481) (88,454) 71,179

46,303 14,593

805 (8,643)

- (35,000) 9,172 22,011(8,626) - 546 (12,989)47,654 (7,039)

275,206 282,245 $ 322,860 $ 275,206

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Statement of Financial Position

March 31,

Assets

CurrentCashAccounts receivable (note 3)InventoryPrepaid expensesDue from related parties (note 4)

Investment in subsidiary (note 5)Equipment (note 6)

Liabilities

CurrentAccounts payable and accrued liabilities (note 7)Unearned revenue (note 8)

Deferred contributions related to capital assets (note 9)

Fund balances

Operating FundCapital Asset Fund

Commitments (note 10)Contingencies (note 11)

Approved on behalf of the Board:

2017 2016

$ 322,860 $ 275,206323,397 235,605 - 6,000 21,752 25,293

102,844 112,016

770,853 654,120

100 100 22,122 21,906

$ 793,075 $ 676,126

$ 252,152 $ 74,289 5,775 94,229 257,927 168,518

17,027 16,222

274,954 184,740

513,026 485,702 5,095 5,684

518,121 491,386

$ 793,075 $ 676,126

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March 31, 2017

1. Nature of operations

Council for the Advancement of Native Development Officers(CANDO) is an apolitical not-for-profit Society incorporated underthe Canada Corporations Act. It supports Indigenous communityeconomic development through the provision of services toEconomic Development Officers and through promotion,education and training opportunities.

2. Significant accounting policies

These financial statements are prepared in accordance withCanadian accounting standards for not-for-profit organizations.The significant policies are detailed as follows:

(a) Revenue recognitionThe organization follows the deferral method of accounting forcontributions. Restricted contributions are recognized asrevenue in the year in which the related expenses are incurred.Unrestricted contributions are recognized as revenue whenreceived or receivable if the amount to be received can bereasonably estimated and collection is reasonably assured.

Revenues from and expenses of courses and seminars heldare recognized in operations upon completion of the course orseminar. Amounts received and expended in advance ofcompletion of the course or seminar are deferred and takeninto operations upon completion.

Member fees and dues are recognized as revenueproportionately over the fiscal year to which they relate.

(b) Contributed goods and servicesGoods and services contributed to assist CANDO in carryingout its programs are not recorded in these financial statementsbecause of the difficulty in determining their fair value.

(c) Cash equivalentsCash and cash equivalents consist of cash on hand and bankdeposits.

(d) InventoryInventory is valued at the lower of cost and net realizable value.Cost is determined using the first-in, first-out method.

(e) Investments - subsidiaryControlled profit-oriented enterprises are ones over which theorganization exercises continuing power to determine strategic,operating, investing and financing decisions to obtain futureeconomic benefits and where the organization may be exposedto related risks. The organization accounts for its controlled profit-oriented enterprise using the equity method. Additionalinformation concerning the investment in subsidiary is presentedin note 5 to these financial statements.

(f) EquipmentEquipment is recorded at original cost plus any costs ofbetterment less accumulated amortization and excludes anyassets not in current use. Amortization is calculated by the

declining balance method or the straight-line method at theannual rates set out in note 6.

Amortization is recorded at half of the normal rate in the yearof acquisition and no amortization is recorded in the year ofdisposal.

(g) Use of estimatesThe preparation of financial statements requiresmanagement to make estimates and assumptions that affectthe reported amount of assets and liabilities and disclosureof contingent assets and liabilities at the date of the financialstatements and the reported amount of revenues andexpenses during the reporting period. These estimates arereviewed periodically, and, as adjustments becomenecessary, they are reported in earnings in the period in whichthey become known.

(h) Financial instrumentsFinancial assets originated or acquired or financial liabilitiesissued or assumed in an arm’s length transaction are initiallymeasured at their fair value. In the case of a financial assetor financial liability not subsequently measured at its fairvalue, the initial fair value is adjusted for financing fees andtransaction costs that are directly attributable to its origination,acquisition, issuance or assumption. Such fees and costs inrespect of financial assets and liabilities subsequentlymeasured at fair value are expensed.

The organization subsequently measures the followingfinancial assets and financial liabilities at amortized cost:

Financial assets measured at amortized cost include cash,accounts receivable, and due from related parties.

Financial liabilities measured at amortized cost includeaccounts payable and accrued liabilities.

At the end of each reporting period, management assesseswhether there are any indications that financial assetsmeasured at cost or amortized cost may be impaired. If thereis an indication of impairment, management determineswhether a significant adverse change has occurred in theexpected timing or the amount of future cash flows from theasset, in which case the asset’s carrying amount is reducedto the highest expected value that is recoverable by eitherholding the asset, selling the asset or by exercising the rightto any collateral. The carrying amount of the asset is reduceddirectly or through the use of an allowance account and theamount of the reduction is recognized as an impairment lossin operations. Previously recognized impairment losses maybe reversed to the extent of any improvement. The amountof the reversal, to a maximum of the related accumulatedimpairment charges recorded in respect of the particularasset, is recognized in operations.

3. Accounts receivable2017 2016

Trade receivables $ 53,397 $ 254,944INAC receivables 270,000 -Allowance for doubtful accounts - (19,339)

$ 323,397 $ 235,605

Notes to the Financial Statements

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4. Due from related parties

(a) During the year, the organization entered into transactionswith the following related parties:National Indigenous Economic Education Fund (NIEEF) -Common control Aboriginal Centre for Excellence Inc. (ACE) -Subsidiary

(b) TransactionsThese transactions are measured at the exchange amount,which is the amount of consideration established and agreedto by the related parties.

2017 2016Revenue -NIEEF - Administration fees $ 72,143 $ -

ExpensesNIEEF - Donation $ 15,000 $ 15,000ACE - Loan forgiveness - 42,989

$ 15,000 $ 57,989

(c) Due from related parties2017 2016

National Indigenous Economic Education Fund $ 97,016 $ 112,016Aboriginal Centre for Excellence Inc. 5,828 -

$ 102,844 $ 112,016

The balances due from related parties are unsecured, non-interest bearing with no specific terms of repayment.

(d) The National Indigenous Economic Education Fund iscontrolled by CANDO, as the Executive Committee of CANDOis the Board of Directors of NIEEF. The following is a summaryof the March 31, 2017 financial statement of NIEEF:

2017 2016Assets $ 83,645 $ 84,258Liabilities 120,855 122,608Net Assets (deficit) (37,210) (38,350)Cash (used by) provided by operating activities 5,954 37,122Cash (used by) provided by investing activities (15,000) (15,000)

5. Investment in subsidiary

Aboriginal Centre of Excellence Inc., a wholly owned subsidiary,has not been consolidated in these financial statements. TheAboriginal Centre of Excellence Inc. was incorporated onSeptember 28, 2010 and commenced operations in October2012 to develop, promote, and sellbusiness planning tools to First Nation clients.

The company is currently inactive.

The following is a summary of Aboriginal Centre of ExcellenceInc.’s March 31, 2017 year-end financial statements:

2017 2016Expenses $ 2,028 $ 20,448Liabilities 8,128 6,000Net Deficit (8,128) (6,000)Cash provided by (used for) operating activities - 9,293Cash provided by (used for) investing activities - (39,411)

Notes to the Financial Statements

6. Equipment

Furniture and fixturesComputer equipmentComputer softwareWebsite design

2017 2016

Accumulatedamortization

$ 81,066260,662

27,7318,537

$ 377,996

Rate20%33%

100%3yr SL

Cost$ 82,555281,295

27,7318,537

$ 400,118

Net bookvalue

$ 1,48920,633

--

$ 22,122

Net bookvalue

$ 1,86120,045

--

$ 21,906

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7. Accounts payable and accrued liabilities

2017 2016Trade accounts payable $ 153,085 $ 33,899Accrued liabilities 15,000 25,342Government remittances 22,113 15,048INAC - funding

to return to provider 61,954 - $ 252,152 $ 74,289

8. Unearned revenue2017 2016

Unearned membership fees $ 5,775 $ 14,560Unearned conference revenue - 15,150Unearned revenue - National Aboriginal Land Managers Association - 64,519

$ 5,775 $ 94,229

9. Deferred contributions related to capital assets

Deferred contributions related to capital assets representrestricted contributions received to fund the purchase of capitalassets. These contributions are recognized as revenue at thesame rate as the amortization is expensed on the related assets.

2017 2016Deferred contributions beginning of year $ 16,222 $ 24,865Amounts amortized to revenue (6,570) (8,643)INAC funding 7,375 -

$ 17,027 $ 16,222

10. Commitments

CANDO leases office space under a lease agreement expiringOctober 2017. The annual lease payments exclusive ofoccupancy costs for 2018 is $25,935.

11. Contingencies

Government contributions related to projects of CANDO aresubject to conditions regarding the expenditure of funds.CANDO’s accounting records, as well as those of agenciesdelegated to execute the projects, are subject to audit by thevarious funding agencies. Should any instances be identified inwhich the amounts charged to the projects are not in accordancewith the agreed terms and conditions, amounts would berefundable to the respective funding agencies.Adjustments to the financial statements as a result of these auditswill be recorded in the period in which they become known.

12. Economic dependence

CANDO receives a significant portion of its revenue from theFederal Government of Canada through Indigenous andNorthern Affairs Canada (INAC). The ability of the organizationto continue operations is dependent upon the Government ofCanada’s continued financial commitment.

13. Overhead expenses

Overhead expenses included in the Operations Programinclude the following items:

2017 2016Rent and utilities $ 90,907 $ 78,629Consulting fees 16,844 31,125Administration costs 16,794 15,839Printing 15,408 9,089Telephone 9,636 8,673Postage and courier 6,041 2,259Accreditation 4,692 17,393Other 13,516 19,527

$ 173,838 $ 182,534

14. Financial instruments

Transacting in and holding of financial instruments exposesthe organization to certain financial risks and uncertainties.These risks, which remain unchanged from the prior year,include:

(a) Credit riskCredit risk is the risk that one party to a financial instrumentwill cause a financial loss for the other party by failing todischarge an obligation. The organization’s exposure to creditrisk relates to accounts receivable and due from related partiesand arises from the possibility that a debtor does not fulfil itsobligations. Management believes this risk is minimizedthrough having a significant amount of customers and beinglargely funded through Government agencies. The organizationperforms continuous evaluation of its financial assets andrecords impairment in accordance with the stated policy.

(b) Liquidity riskLiquidity risk is the risk that an entity will encounter difficulty inmeeting its obligations associated with financial liabilities. Theorganization’s exposure to liquidity risk relates to accountspayable and accrued liabilities and arises from the possibilitythat the timing and amount of its cash inflows will not besufficient to enable it to meet its financial obligations as theybecome due. Management believes this risk is minimizedthrough documenting when payments become due andmanaging cash flow to meet those obligations.

15. Comparative amounts

The comparative financial statements have been reclassified,where applicable, to conform to the presentation used in thecurrent year.

Notes to the Financial Statements

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